Mortgage probs with self employment - HELP

embles_2

Hi,

I hope someone here might be able to give me some insight into our problem.

We own a property. We want to buy a new one for 246000. We approached our bank HSBC who we currently have mortgage with, they said yes to the amount we want to borrow.

So we found a house, had offer accepted, and have accepted offer on our property.

Then a week later they said they have made a mistake in the calculations and we couldn't afford it.

We are just outside of their scheme 68% outgoings instead of 60%. Thats going just on husbands income and my part time shop job:

I am a self-employed childminder. I make about 8000 a year from that and 2000ish from a shop job which I have contract for.

The childminding income can't be taken into consideration because I have only been doing it for 1 year, as I only earn a small income I don't have an accountant and haven;t done a tax return yet.

If they would take my salary into consideration we would meet their scheme.

My husband has approached a mortgage broker who suggests that we would not be able to borrow as much as we want. They have suggested going into Northern Rock as possibility although phone conversations with NR has not been positive.

Before we withdraw our offer on the house we want, I wonder if anyone can come up with some ideas.

I don't know much about this whole business as husband has been dealing with it, but feel i need one last ditch attempt before we give up with our tails between our legs to pay off some debts before we try again.

Can someone please help?

Emily

AndrewSmith

Hi,

What are the exact figures

Purchase Price, Deposit, Salaries, Loans Outstanding, monthly payments to the loans etc.

Post these details and I am sure help will follow.

Cheers

Andy

MortgageMamma

I used to be a childminder when I took a career break, go o the national childminders association, if you are a member they will know hich lenders are happy to lend to childminders, i know there are preferential loans and insurance policies, not sure about mortgages but it's worth checking. good luck

embles_2

Many thanks for your help.

I am not sure about posting all our details online. Sorry to seem wary but do people often do that?!

Thanks also for info about the NCMA, I hadn't thought of them - it is worth giving them a ring before we call it a day.

Will post again with an update.

Thanks again,
Emily